At a glance
PSCQ charges 0.6% a year. It has $46.4M in assets. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.6% a year. At its worst it fell 9.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
Pacer Swan SOS Conservative (October) ETF (PSCQ) is a buffered, or "defined outcome," fund. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each October-to-September period, it aims to absorb SPY losses between 5% and 30%. In return, its gains are capped: the cap was 11.00% after fees for the period ending September 30, 2026. It costs 0.60% a year and has recorded no distributions.
Price history
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PSCQ +10.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PSCQ official prospectus, to Dec 31, 2025 | — | +11.28% | — | — | — | +8.94% |
| PSCQ price data to Oct 27, 2026 | +9.8% | +10.5% | +13.6% | +9.2% | — | +9.5% |
- Over the year to Oct 27, 2026, PSCQ returned +10.5%.
- Its 5-year annualized return was +9.2%.
- Its worst full calendar year was 2022 (-4.4%); its best was 2023 (+19.8%).
- The deepest fall in its price history was 9.9% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +11.5% | +11.28% |
| 2024 | +9.7% | +9.87% |
| 2023 | +19.8% | +20.34% |
| 2022 | -4.4% | -4.81% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.9% over that stretch · deepest drop along the way 9.1%, back to its old high 9.6 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.12%, +0.21%, +0.79%.
How it works
Pacer Advisors runs PSCQ as an actively managed ETF, but it doesn't pick stocks. Nearly all its assets go into FLEX Options that reference the share price of the SPDR S&P 500 ETF Trust (SPY). FLEX Options are exchange-listed options with customized strike prices and expiration dates. As of July 31, 2026, four options made up 99.67% of assets. A deep in-the-money call (strike $7.33) supplies most of the market exposure. A bought put ($632.87) and a sold put ($466.33) form the buffer, and a sold call ($743.52) sets the cap.
The options last about a year. From October 1, 2025 to September 30, 2026, the fund aimed to match SPY gains up to 11.61% before fees (11.00% after). It would take the first 5% of losses and be shielded from further losses down to a 30% drop. The fund tracks only SPY's price return, so SPY's dividends are not included.
On the first day of each new period, the fund buys new options and sets a new cap based on market conditions. The stated outcomes apply only to shares bought on the first day and held to the last. Buyers mid-period may get less buffer or less room before the cap. Pacer's website shows these positions daily.
What it really costs
- PSCQ charges 0.6% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSCQ | $61 | $192 | $335 | $750 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
It is built to soften stock-market losses over each one-year period, at the cost of capped gains and no income.
PSCQ launched on September 30, 2021, so it was not around for the 2008 or 2020 crashes. In the 2022 bear market, it fell 9.1% from January 3 to June 16, 2022. It recovered by April 3, 2023, about 9.6 months later. Its worst calendar year was 2022, a loss of 4.81% per the prospectus. Its deepest drop, 9.9% in early 2025, recovered in about two months. Those shallow declines could help someone forced to sell shares in a bad year. But the full buffer applies only to shares held for a whole October-to-September period. The fund has recorded no distributions, so it provides no income. It costs 0.60% a year, or $61 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a buffer against SPY losses between 5% and 30% over each October-to-September period.
- Retirees willing to give up gains above the cap, 11.00% after fees for the period ended September 30, 2026, for smaller swings.
- Investors able to buy near October 1 and hold for a full period, when the stated buffer and cap apply as designed.
Look elsewhere if
- Anyone needing income: the fund has recorded no distributions, and its options track SPY's price return, not its dividends.
- Investors seeking full stock-market upside, since in strong years the cap can leave the fund well behind SPY.
- Cost-focused investors: the 0.60% fee exceeds what many plain S&P 500 funds charge, and assets were just $46.4 million as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does PSCQ pay dividends?
No. PSCQ has recorded no distributions. Its FLEX options are tied to the share price return of the SPDR S&P 500 ETF Trust (SPY), so SPY's dividends are not passed through to the fund. All of its return comes from changes in its share price. An investor who needs regular cash from this fund would have to sell shares to get it. That is worth weighing against funds that pay income.
How does the PSCQ buffer work?
The buffer protects against part of SPY's losses over each period of about a year. From October 1, 2025 to September 30, 2026, the fund took the first 5% of SPY losses. It was then shielded from further losses down to a 30% SPY decline, before fees. If SPY fell 20%, the fund aimed to lose 5%. If SPY fell 40%, it aimed to lose about 15%. The buffer is not guaranteed, and it fully applies only to shares held for the whole period.
What is PSCQ's upside cap?
For October 1, 2025 to September 30, 2026, the cap was 11.61% before fees and 11.00% after fees. The fund did not share in SPY gains above that level. A new cap is set on the first day of each period based on market conditions, so it changes every October. Pacer's website shows the cap, the buffer and the fund's position relative to each, updated daily.
Is PSCQ good for retirement?
It may suit retirees who want stock exposure with smaller swings and can accept capped gains. It lost 4.81% in 2022, and its deepest drop through October 27, 2026 was 9.9%. As of December 31, 2025, it returned 11.28% over one year and 8.94% a year since its September 2021 launch. It pays no income, costs 0.60% a year, and has never faced a crisis like 2008.
What's the difference between PSCQ and SPY?
SPY holds the stocks in the S&P 500 and passes along their full gains, losses and dividends. PSCQ holds FLEX options on SPY instead. Over each October-to-September period, it gives up gains above a cap in exchange for a buffer against SPY losses between 5% and 30%. The cap was 11.00% after fees for the period ended September 30, 2026. PSCQ captures only SPY's price return, not its dividends, and it charges 0.60% a year.